Football Club Metalurgi Rustavi's history can be traced back to 1948, during the Soviet era, where they enjoyed moderate success. Since Georgia gained independence from the Soviet Union, Metalurgi Rustavi have been able to grow in stature and compete for major honours on a more regular basis. Having previously operated under names including Gorda Rustavi, Metallurgi Rustavi and FC Rustavi, the team merged with FC Tbilisi in 2006 and became known as FC Olimpi Rustavi. The name was subsequently changed to FC Metalurgi Rustavi in 2011.

During the Soviet era, the club won the Georgian Soviet Championship in 1959 and 1979, as well as the Georgian Soviet Cup in 1974. After the creation of Georgia's national football league in 1990, the team were placed in the top division, but suffered relegation at the end of the 2002-03 campaign.

After several years in the second tier, Metalurgi Rustavi merged with top flight side, FC Tbilisi, in order to return to the division. Competing as FC Olimpi Rustavi, the team enjoyed immense success in their first season as a combined club, winning the Georgian Umaglesi Liga title in 2007. In 2010, they were able to repeat their league title success and also went on to collect the Georgian Super Cup later in the year. The team have twice reached the final of the Georgian Cup, in 1994 and 2009, but are yet to lift the trophy.

Notable former players include USSR international, Shota Khinchagashvili, who played for the club during the 1960s; Georgia international, Kakhaber Tskhadadze, who was a product of the Metalurgi Rustavi youth academy; and Anderson Aquino, who was the league's top goalscorer in the 2009-10 season.

The team's home matches are held at Poladi Stadium. The venue, which is also known as Metalurgi Stadium, is currently able to hold up to 10,720 supporters.